Shares of fuel cell pioneer Plug Power (NASDAQ:PLUG) closed 4.7% higher in Tuesday trading, and just like yesterday, this appears to be a case of "pin action" -- Plug Power stock benefiting from good news that actually relates more directly to an entirely different fuel cell company.
Yesterday, it was a positive analyst note concerning Ballard Power and its ability to benefit from "green energy" stimulus programs that seemed to lift Plug stock. Today, it's a big insider buy at Bloom Energy (NYSE:BE) -- former GE CEO Jeffrey Immelt laying out $1 million-plus for Bloom shares -- that seems to be getting investors optimistic about Plug stock.
As my fellow Fool Travis Hoium observed, Immelt sits on the Bloom Energy board of directors, and so presumably has "insider information about the company's direction" -- and perhaps about trends in the fuel cell industry as well. The fact that Immelt just spent $1 million to buy shares of Bloom therefore might not necessarily be auspicious news for Plug -- but it also might.
And today, Plug investors seem to be betting that it is.